When you fall in love with a place, it’s so easy to make an impulse buy for a vacation home there. This can be incredibly risky. Instead, a considered approach is always required when you’re looking to invest in a property that will only be your part-time home. There is a chance you haven’t fully considered exactly how you will use it.
The country and region are easy. It doesn’t matter whether it’s France, Florida, or Fiji. You know you love this place. You have many happy memories here, and you may even have made some good friends here. The first thing you need to decide is how far from this point you’re willing to consider staying. Think about the hotel or vacation lets you’ve used so far. Which was the best for connecting to the places you liked to visit? And which offered the most desirable views of the places you love?
Narrow Down Your Location
If you love the French Riviera, you might need to choose between St. Tropez and Cannes. If you plan to buy a villa in Cannes, then you need to check the availability of properties in that area. Now you’re narrowing down the town or neighborhood you’re most interested in, you need to decide what size of property you want. This may or may not have a bearing on the price. After all, a small apartment in the city center could be more expensive than an expansive villa five miles from the nearest town. Budget and space should be your next primary considerations.
Apartment Of Villa
There are many benefits of living in an apartment and just as many for choosing a villa. Both may provide access to a pool, although you’re likely to enjoy more privacy with the villa. An apartment complex may offer additional facilities like a gym, door service, and a restaurant. Of course, the villa may have a roof terrace, flower garden, and an unspoiled view of the landscape.
Security may be another issue for you. If you are leaving the property empty for months at a time, an apartment may be more sensible. Of course, if privacy is the most important concern, then the villa is likely to offer more than an apartment in a block. Don’t forget, there are plenty of both options to choose from, and each will be unique. It’s best to start with the local listings and then make appointments to spend a day or two viewing the most interesting properties.
Make a long and detailed list of everything you would like from your property. This is much the same as buying your primary family home. Some of the primary requirements might include:
Terrace or Veranda
All ensuite rooms
Lawn for the kids to play
Views of the ocean
Walking distance from the beach
There are likely to be many more facilities you would like to include. These may be less important, and you might be willing to sacrifice them for a property that melts your heart. Don’t forget, you will own this property. Chances are you can make changes to the layout or add the extras you really want.
When you’re ready to start searching for the right property, try to build a good relationship with the real estate agent. They will have better local knowledge than you and will have more insight to the standards of property you can expect for your budget. Most importantly, you’ll be more forthcoming with your requirements and preferences if you are familiar with your agent. If you only have a couple of days, you need to make sure the properties you are shown are an exact match to your requirements.
Spending time at your chosen property isn’t easy to do before you buy it. However, you can request additional viewings. It’s worth visiting the property at different times of the day, just as you would for your family home. This will give you an idea of the changing views, as well as how busy an area might be at key times. Don’t be afraid to ask questions about how the current owners use the property.
Buying a vacation home is a big investment. You need to know it will serve you well so you can justify the cost. Over time your property should be expected to grow in value. You can also let it out when you’re not using it to generate an income from your investment. Of course, the most important reason for buying here is so you can make many more wonderful vacation memories with your family.
- Technology8 months ago
The Future Is Now: 9 of 2019’s Most Spectacular Home Automation Upgrades
- Management4 months ago
Top 7 Reasons Why You Should Hire a Property Manager
- Legal1 year ago
How to Deal with Tree-Related Neighbour Disputes in Australia
- Investment7 months ago
Toughest Rentals Rules, Landlords on Notice
- Investment11 months ago
Investors Compare Residential To Commercial Property
- Buy6 months ago
Who Is The Real Estate Agent Working For?
- Management4 months ago
Healthy Homes For All!
- Investment5 months ago
Should You Start Investing in Rental Real Estate?
- Sell1 year ago
The Ultimate Guide to Selling Your House Fast
- Buy2 years ago
3 Great Settings For Your New Home